Section 760IAC1-72-3. Definitions

   The following definitions apply throughout this rule:

(1) "Annuity" means a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity.

(2) "Consumer" has the meaning set forth in IC 27-4-9-2.

(3) "Insurance producer" means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance, including annuities.

(4) "Insurer" means a company required to be licensed under the laws of this state to provide insurance products, including annuities.

(5) "Recommendation" means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice.

(Department of Insurance; 760 IAC 1-72-3; filed Feb 16, 2006, 8:25 a.m.: 29 IR 2193, eff Jul 1, 2006; filed Jan 27, 2009, 9:51 a.m.: 20090225-IR-760080058FRA; readopted filed Nov 20, 2015, 9:25 a.m.: 20151216-IR-760150341RFA)